Applied Digital Corporation (NASDAQ:APLD) Given Average Recommendation of “Buy” by Analysts

Shares of Applied Digital Corporation (NASDAQ:APLD) have earned a consensus rating of “Buy” from the fifteen research firms that are covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, twelve have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $37.00.

APLD has been the topic of several research analyst reports. Wall Street Zen raised shares of Applied Digital from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. Arete Research assumed coverage on shares of Applied Digital in a report on Wednesday, January 7th. They issued a “buy” rating for the company. Freedom Capital raised Applied Digital to a “strong-buy” rating in a report on Tuesday, January 6th. Citigroup restated an “outperform” rating on shares of Applied Digital in a research report on Wednesday, January 28th. Finally, Roth Mkm reiterated a “buy” rating on shares of Applied Digital in a research report on Tuesday, February 17th.

Applied Digital Price Performance

Shares of APLD opened at $28.65 on Friday. Applied Digital has a one year low of $3.31 and a one year high of $42.27. The stock’s fifty day moving average is $32.51 and its 200-day moving average is $27.36. The company has a debt-to-equity ratio of 1.79, a quick ratio of 4.82 and a current ratio of 4.82. The firm has a market capitalization of $8.01 billion, a price-to-earnings ratio of -53.06 and a beta of 7.25.

Insider Transactions at Applied Digital

In other news, CEO Wes Cummins sold 165,000 shares of Applied Digital stock in a transaction that occurred on Friday, January 16th. The shares were sold at an average price of $36.42, for a total value of $6,009,300.00. Following the transaction, the chief executive officer owned 4,176,329 shares of the company’s stock, valued at $152,101,902.18. The trade was a 3.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Richard N. Nottenburg sold 12,000 shares of the business’s stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $35.45, for a total transaction of $425,400.00. Following the completion of the sale, the director owned 233,378 shares in the company, valued at $8,273,250.10. The trade was a 4.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 244,593 shares of company stock valued at $9,003,278 in the last three months. 9.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of APLD. Atlantic Union Bankshares Corp bought a new stake in shares of Applied Digital during the 2nd quarter worth $25,000. Noble Wealth Management PBC acquired a new position in shares of Applied Digital in the 4th quarter valued at $25,000. Albion Financial Group UT purchased a new position in Applied Digital in the 4th quarter worth about $25,000. Activest Wealth Management acquired a new stake in Applied Digital during the 4th quarter worth about $25,000. Finally, Ameriflex Group Inc. purchased a new stake in Applied Digital during the fourth quarter valued at about $25,000. Institutional investors own 65.67% of the company’s stock.

Applied Digital Company Profile

Applied Digital (NASDAQ: APLD) is a technology company specializing in the development and operation of large-scale digital infrastructure and sustainable Bitcoin mining solutions. Through its integrated platform, the company designs, builds and manages turnkey data center facilities while also providing comprehensive hosting services for cloud, colocation and enterprise computing needs. Applied Digital’s modular approach to facility design enables rapid deployment of capacity and streamlined integration of power, cooling and network connectivity.

In addition to its data center business, Applied Digital operates a network of Bitcoin mining sites that leverage vertically integrated capabilities, including hardware procurement, mining farm engineering, energy management and real-time performance monitoring.